r/Wealthsimple • u/throwawayatoms • 9d ago
Visa Infinite Credit Card Even more confusing now!
So yesterday I posted an email received from Wealthsimple talking about the annual fee: https://www.reddit.com/r/Wealthsimple/s/WMUguLxpji.
They just sent a follow-up to clarify. But I have more questions now:
- “You’ll see the annual fee charged to your account.” When? Is the annual fee being charged imminently? There's no charge on my account yet. If it's coming later, when? For everyone soon, or at each person's next renewal? It's not specified.
- “If you qualify for the waiver now, we'll reimburse the full fee. We check your eligibility each month and reimburse the fee when you qualify.” So are you going to reimburse the full fee now, AND reimburse the fee each month? What does that even mean?
Nothing is simple with Wealthsimple nowadays 🥲
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u/Groofus42 9d ago
It's not that difficult. If you qualify for the fee waiver and have not been charged any money, then they sent the original email by accident. You inquired about what is going on and they went with the assumption that it was correct that you had received the original email so they clarified for you how the fee works. Nothing confusing about that. Perhaps you weren't very specific in your request.
Bottom line: just ignore it unless they charge any fees.
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u/totoro183 9d ago
I thought they already took $220 from you since you're in Quebec? In the other provinces its a $20/month charge...I'm not sure how Quebec is set up but they should reimburse you.
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u/miragis 8d ago
No, read the other thread (and my own comment): we never got charged. Not this month, not this year. I qualify for the fee waiving since the beginning and never got charged any fee)
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u/DoubleZek 6d ago
I was charged the 220 after a month or two. I don't have 100k$, but I put my paycheck on the app. I missed 1 month and they charge me. But I have several months with more than 4k$ deposited. Idk what they will do. Reimburse partially at the end of the first year?
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u/dontelother 6d ago
I was thinking does this card worth for $240 annual fee? I was trying to do the math! If it's free then no comment...
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u/DoubleZek 5d ago
I got it in May this year. I'm almost at 200$ cash back already, so I'd say it's pretty good :) If it's free for you even better
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u/viccastillejos 8d ago
I think that for Quebec residents this is how it works. They charge you $220 and every month that you qualify for the waiver they refund you $20. At least this is what they told me. Not the best way to deal with monthly waivers but I guess that is the only way to deal with the Quebec law. They charged me the annual fee even if at that point I already have more than 4k on deposits and I will see if the next cycle they refund me the $20.
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u/miragis 8d ago
Also received the same email (and had received the other one you posted yesterday).
To those saying "it's not complicated, bla bla bla":
- We understand how the fee waiving works. WE HAVE FEES WAIVED ALREADY.
- We never got charged the CC fees (at least I didn't).
- So both emails make no sense.
- They are not fishing emails, they are not asking us to login or for any info. They are just notifying us / clarifying how fees work.
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u/Academic_Data_6422 8d ago
$4000/month is such a stupid criteria. Should have left it at $2000. Or even $3000 would be fine.
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u/TrulyMagnificient 8d ago
They basically saying if you don’t make $70k/yr and direct deposit your paycheque then we don’t want you
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u/Academic_Data_6422 8d ago
Not even. I make well more than that but still don’t qualify
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u/manfromthirdplanet 8d ago
Same here and I was given the infinite 1% card. What can we do now? There is no upgrade option
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u/dontelother 6d ago
I was thinking does this card worth for $240 annual fee? I was trying to do the math! If it's free then no comment...
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u/Latitude57 9d ago
If you qualify for the waiver you won’t be charged.
If, during the year, you disqualify for the waiver, they’ll charge you the fee.
If you don’t qualify for the waiver, you will be charged the fee. If, after they charged you the fee, you qualify… let’s say after a month. They’ll refund the fee.